S&P gives Carpenter notes BB+

S&P said it gave BB+ issue-level and 3 recovery ratings to Carpenter Technology Corp.'s upcoming $300 million of senior unsecured notes due 2030. The 3 recovery rating indicates average (50%-70%; rounded estimate: 65%) recovery in default.

The company plans to use the proceeds to refinance its $300 million senior notes due March 2023.

Last month, S&P revised Carpenter’s outlook to negative from stable, citing the uncertain pace of recovery in Carpenter's profitability and credit metrics.

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